Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemmir Date Assessment Tool iFrame Wing current-year purchases and sales for its only product. January 1 January 10 March 14 March 15 Activities Beginning inventory Sales Purchase Sales July 30 October 5 October 26 Purchase Sales Purchase Totals Units Acquired at Cost 270 units @ $12.80 Units Sold at Retail $ 3,456 220 units @ $42.80 400 units @ $17.80= 7,120 340 units @ $42.80 470 units @$22.80= 10,716 440 units @ $42.80 170 units 1,310 units @ $27.80- 4,726 $ 26,018 1,000 units Exercise 6-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Perpetual LIFO: Cost of Goods Sold Inventory Balance Perpetual LIFO: Goods Purchased Cost of Goods Sold Date Cost Cost Cost # of units # of units per sold per Cost of Goods Sold # of units per Inventory Balance Inventory Balance unit unit unit $ January 1 270 at |= $ 3,456.00 12.80 $ $ January 10 220 at $2,816.00 50 at $ 640.00 12.80 12.80 $ 400 at 17.80 March 14 $ 50 at |= $ 640.00 12.80 $ 400 at = 7,120.00 17.80 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals $ 470 at 22.80 170 at 27.80 50 at 290 at $ 7,760.00 $ = $ 640.00 at 12.80 12.80 $ $ = 5,162.00 110 at |= 1,958.00 17.80 17.80 $5,802.00 $ 1,958.00 $ at 12.80 $ 470 > > 110 at = 1,958.00 17.80 $ at = 10,716.00 22.80 $ 12,674.00 at = $ 0.00 at 12.80 12.80 $ $ 110 at = 1,958.00 at 17.80 17.80 $ $ 330 at |= 7,524.00 140 at = 22.80 22.80 $9,482.00 $ 18,100.00 3,192.00 $ 3,192.00 at 12.80 $ at 17.80 $ 140 at = 3,192.00 22.80 $ 170 at 4,726.00 27.80 $ 7,918.00